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What Does An Auctioneer Do With Two No-Limit Bids?

CoinosaurusCoinosaurus Posts: 9,644 ✭✭✭✭✭
What happens if an auctioneer gets two no-limit mail bids on a single lot? Both clients are very respected in the numismatic community for both their erudtion and pocketbooks.

Now, the "official" auction rules don't allow no-limit bids, but both bidders are very well-established clients with the auctioneer and in fact have done much to support said auctioneer. Refusing either bidder may be a career limiting action.

Comments

  • swhuckswhuck Posts: 546 ✭✭✭
    Heritage doesn't accept no limit bids for precisely the reasons outlined in the post.
    Sincerely,

    Stewart Huckaby
    mailto:stewarth@HA.com
    ------------------------------------------
    Heritage Auctions
    Heritage Auctions

    2801 W. Airport Freeway

    Dallas, Texas 75261

    Phone: 1-800-US-COINS, x1355
    Heritage Auctions
  • MarkInDavisMarkInDavis Posts: 1,720 ✭✭✭✭
    Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there.
    image Respectfully, Mark
  • segojasegoja Posts: 6,141 ✭✭✭✭
    doesn't sound realistic to me, but then I would never put a bid in like that
    JMSCoins Website Link


    Ike Specialist

    Finest Toned Ike I've Ever Seen, been looking since 1986

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  • Batman23Batman23 Posts: 5,001 ✭✭✭✭✭


    << <i>Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there. >>



    If in the past they allowed no-limit bids from these bidders then this would be the best option in my opinion.
  • WTCGWTCG Posts: 8,940 ✭✭✭
    According to their terms and conditions none of the major auction companies accept unlimited amount bids.

    The true winner would be the consignor.
    Follow me on Twitter @wtcgroup
    Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
  • coindeucecoindeuce Posts: 13,496 ✭✭✭✭✭
    If it is a sale which concludes with a floor session, the house should simply tell the two competing parties to physically be present to bid from the floor either personally or by agent. They can duke it out in front of witnesses to the last man standing. Or waving. Or kicking. Or shouting. If one party doesn't show, the advantage automatically goes to the floor bidder. Someone has to stop eventually.

    "Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
    http://www.american-legacy-coins.com

  • PerryHallPerryHall Posts: 46,797 ✭✭✭✭✭
    Sounds like the winner of the auction is going to get buried in a coin and the underbidder will be the true winner in this auction.


    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    This apparent 'rule breaking' scenario should not occur, and an auction house cannot allow it to happen. Cheers, RickO
  • As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction?
  • CaptHenwayCaptHenway Posts: 32,694 ✭✭✭✭✭


    << <i>As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction? >>



    Feed him the potted palm that has been bidding from the side of the room?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • RandomsRandoms Posts: 164 ✭✭✭


    << <i>As a follow up question, what would the auctioneer do if a giant dinosaur burst into the room in the middle of the auction? >>



    Get eaten?
  • erickso1erickso1 Posts: 1,705 ✭✭✭
    Flip the coin in question to see who wins.
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭
    Just pick a number that exceeds the highest transaction ever for a US coin....or approx $10 MILL. You're 99.999% sure to be the winning bidder.
    If the coin happens to be a pop 1 MS68 Walker, then no doubt $10 MILL will take it.....unless the other guy wrote down $11 MILL. image
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • CoinRaritiesOnlineCoinRaritiesOnline Posts: 3,681 ✭✭✭✭


    << <i>Simply contact both parties and let them know that since there are multiple no-limit bids, they will have to put actual numbers out there. >>



    What he said.

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